Browse By

Trading the Bank of Canada Rate Statement a high impact data!

Let me start by reviewing USDCAD trade, and explaining why I made this tweet

 

There was a long term level around 10850 as seen in monthly chart; this level was also covered in 4M class. My stand during 4M class is that this 10850 must be cleared and price must trade below it for USDCAD to continue down

""

Long term level at 10850

 

1234 seem in D1 and H4 with price well resisted by boxes low

2 usdcad 2014-06-04_13-22-44

 

 WR trigger; a tight stop loss trade

3 usdcad 2014-06-04_13-27-40

However, price did not manage to stay below 10850; in other words, if you do receive my tweet that price has to stay below 10850, failure of it result in this trade being a failed one. A good basis is when price closed above 10850 in D1.

4 usdcad 2014-06-04_13-29-42

Going forward, we have Canadian Rate statement today 4 June. Currently, there is a bullish expansion (note day has not closed yet). With this pending bullish expansion, price has WR few monthly boxes low. Current formation looks like a double bottom. I would really be waiting for a confirmation of this suspected bullish expansion, and the completion of DB. With that, the labelled 1234 might form. Immediate Resistance is 10960 which is also march low. 

5 usdcad 2014-06-04_13-38-41

0Shares
Loading Facebook Comments ...

Leave a Reply